Jackson
Square
The
Challenge
Kroger
and CVS were the anchors in this 64,500 square foot
neighborhood center located in Cookeville, Tennessee.
The center was owned by a Limited Partnership.
Kroger wanted to expand its 43,000 square feet to 60,000
square feet. CVS being located adjacent to Kroger was
an obstacle in allowing Kroger to expand to 61,000 s.f.
A new location for CVS to relocate was critical. |
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The
center was located on a ground lease which made financing
a challenge. The owner had previously attempted to expand
Kroger themselves without success.
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Our
Strategy
Mr. Storey selected a team with development, tenant
representation, and financial expertise to design a
strategy to expand Kroger. The team used its relationship
with CVS to assist in finding a free standing location,
allowing for the opportunity to expand Kroger and redevelop
the balance of the center. |
Results
The center sold for $2.4 million. Mr. Storey was able
to accomplish its clients objectives by using a team approach
that relied on a seamless flow of information which pointed
towards a common goal.
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